Startups as Enablers of Healthcare Innovation and Economic Growth!

A Deep-Dive at FutureHealth

I. Innovation as an Imperative

Healthcare systems around the world are under the pressure of aging populations, the spread of chronic diseases and more recently the pressure to meaningfully contribute to a more sustainable world.

Innovation has become an imperative for healthcare systems.

II. Startups

Yes, medical innovation happens in various settings, including academic institutions, university hospitals, and startups. These innovations can be in traditional medical research or adjacent fields such as digital technologies that support patient care in hospitals. Often, hospital personnel ideate solutions, and startups play a key role in bringing these innovations to market and patients.

However, startups also offer an "outside-in" innovation perspective to healthcare systems, where entrepreneurs develop solutions to change the paradigm of care. These solutions can then be validated and integrated into daily healthcare practice.

Pharmaceutical companies also prioritize patient-centric innovation, developing and delivering products at the interface with healthcare systems to achieve the best possible patient outcomes. Ultimately, patient-centric innovation is critical for improving healthcare and providing better outcomes for patients.

III. How to Accelerate?

How can we accelerate and promote innovation at the intersection of healthcare systems, startups, and pharma?

Various healthcare systems and hospitals globally have already established effective mechanisms and platforms to drive innovation, such as the NHS Innovation Accelerator in the UK and Karolinska Innovations in Sweden.

IV. A Unique Opportunity for our Region

Our position as THE world-leader hub for life sciences is a core asset to make this happen - at the interface with start-ups and the healthcare system.

Our region is uniquely positioned to benefit from the developments described and has the potential to become a world-leading center for the development of Digital Health solutions. This is due to the existing concentration of companies, research capacities, and funding environment in the Life Sciences sector.

The opportunity for Digital Health in our region is two-fold. First, increasing digital health expertise in our region can help accelerate the transformation of the life sciences industry by integrating digital health solutions along the entire value chain, from research and development to patient care. Second, the development of Digital Health capabilities provides opportunities for diversification by establishing a Digital Health industry with new companies. This has relevance for many other industries, including healthcare, medical technology, insurance, food, and more.

V. Survey Results

We conducted a survey to provide context for the discussion (?? to the 900+ voters!)

A. As a Digital Health startup, what is your the best partner to accelerate your path to market?

1. Pharma or MedTech (32%)

2. Hospital (25%)

3. Health Insurance (24%)

4. Tech Player (19%)

B. As a Digital Health startup, what is your your biggest challenge?

1. Access Healthcare Systems (32%)

2. Establishing Commercial Deal (24%)

3. Securing Financing (23%)

4. Navigating Regulatory Path (21%)

C. As a PHARMA/MEDTECH, what is your biggest uncertainty when engaging with Digital Health Startups?

1. Maturity of solution (44%)

2. Business Model (32%)

3. Capacity to Engage (14%)

4. Intellectual Property (10%)

D. As a HOSPITAL/HEALTHCARE PROVIDER, what is your biggest uncertainty when engaging with Digital Health Startups?

1. Maturity of solution (44%)

2. Business Model (27%)

3. Capacity to Engage (20%)

4. Intellectual Property(9%)

VI. Panel Discussion: Insights

1. Validation through hospitals

To develop and validate their solutions and technologies, Digital Health startups need the support of hospitals as critical partners

2. Commercialization through Pharma

Pharma plays a crucial role in commercializing Digital Health startups' solutions by providing commercial insights such as market access and acting as a conduit for global commercial success.

3. Proof-of-concept through startups

Digital Health startups provide innovative ideas, technologies, and new ways of working that enable Pharma and Hospitals to build proof-of-concepts rapidly and demonstrate their technologies/solutions internally.

4. Platforms through startups

Digital Health startups can offer platforms where multiple Pharmas can collaborate to support a specific patient population.

5. Workflow optimization through startups

Digital Health startups can provide solutions that allow physicians to fully focus on patient needs, rather than internal administrative tasks.

6. Clear expectations

Clear communication is key to healthy partnership management between startups, hospitals, and pharma, including the expectations of the collaboration itself, including intellectual property. It takes courage to determine which collaborations to pursue and which to avoid.

7. Business models

Partnerships between startups, hospitals, and pharma require a clear understanding of the different business models.

8. Understanding

All parties need to raise their understanding of the different industries and business models to collaborate effectively.

9. Trust

Due to limited resources, especially in startups, identifying trusted partners on all sides is essential for pragmatic problem-solving.

VII. Panel Discussion: The Model

Healthcare Innovation

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1. A DATA warehouse as critical enabler

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2. A NETWORK to get connected

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3. A culture of BOLDNESS to get things done

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4. A spirit of COLLABORATION

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5. A drive towards ??CAUTIOUS RADICAL innovation??!

VIII. The Panel

Therese Triemer, Ph.D.?, Novartis

Bram Stieltjes?,?University Hospital Basel

Christian Ruiz,?Moonlight AI

Dr. Hannes Hudalla,?DHC - Digital Health Companion

Prof. Dr. med. Martin Hoffmann,?St. Claraspital AG

IX. The Recording

??Have you missed this important conversation about what is needed for the future of health? Watch now the recorded deep dive session

https://www.dhirubhai.net/posts/baselarea-business-innovation_futurehealth-basel-2023-deep-dive-session-activity-7042042162695282689-1Ov5

DayOne - Healthcare Innovation?is the healthcare inovation initiative by?Basel Area Business & Innovation

#healthcare?#innovation?#digitalhealth?#healthtech?#entrepreneurship?#startups ?#pharma?#lifesciences?Switzerland Innovation Park Basel Area